整体毛利率受产品结构调整影响，细分产品毛利率稳中有升，或反映公司控成本能力显著。24A 销售毛 利率为33.93%，同比降低0.4pcts；销售净利率为21.23%，同比降低2.63pcts。其中24Q4 销售毛利率为 22.38%，同比降低7.67pcts，环比降低8.19pcts；销售净利率为5%，同比降低16.82pcts，环比降低 14.18pcts。分业务看，铸造高温合金毛利率49.3%，同比+3.7pcts，变形高温合金毛利率26.2%，同比 +1.6pcts；其他业务毛利率41.4%，同比-10.9pcts；分地区看，24 年外贸毛利率为32.0%，同比+0.4pcts， 内贸毛利率为34.1%，同比-0.5pcts。25Q1 销售毛利率为27.65%，同比降低11.21pcts，环比提升 5.27pcts；销售净利率为14.59%，同比降低11.37pcts，环比提升9.59pcts。 事件评论 风险提示 受下游主要客户需求波动及产品结构调整影响，公司收入和业绩短期承压。分业务来看，铸造高温合金 4.2 亿元（yoy-33.3%），收入占比33.1%；变形高温合金5.2 亿元（yoy+18.4 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].